Shortly before the week-long break, the House passed the American Clean Energy and Security Act, which included a cap-and-trade system and was the first U.S. bill to regulate greenhouse gases.

Today the Senate started working on its own version by holding a hearing in the Senate Committee on Environment and Public Works. The committee, chaired by Sen. Barbara Boxer of California, heard testimony from Environmental Protection Agency Administrator Lisa Jackson and Energy Secretary Steven Chu, among others.

On Wednesday, July 8, the Senate Finance Committee will hold a hearing on international trade issues and connections to global warming – the House bill increased trade regulations with countries that produce high numbers of global warming gases – and the Senate Foreign Relations Committee will look at the effectiveness of the European Union’s cap-and-trade system.

Politico reported that any cap-and-trade legislation in the Senate bill is unlikely and that a floor vote will not happen before the long summer recess next month.

Rather than punish everyone for not making arbitrary benchmarks, why not do something more like the X-prize. REWARD folks who make a useful alternative to fossil fuels. It's not like we really love gasoline, we just need it to get to work, and to gramma's house for Christmas. Honestly we have no loyalty to the stuff. The average consumer would burn goat poop in their car if it was cheap enough.

Pat Miketinac

7/7/2009 9:44:01 PM

It's too bad that those who profit from this bill also control the mainstream media. This is a massive tax that will prolong the recession and cause much more government control of your life. For more info, see mises.org and lewrockwell.com.

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